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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedApr 05, 2026
DataAggregated Company Financials
Companies280
  • 7D3.1%
  • 3M21.7%
  • 1Y39.6%
  • YTD20.7%

The market has climbed 3.1% over the last week, with theIndustrials and Healthcare sectors leading the way. The market is up 40% over the last 12 months. As for the next few years, earnings are expected to grow by 11% per annum.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

Has the Norwegian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 05 Apr 2026NOK 4.8tNOK 3.1tNOK 252.7b14.5x19.2x1.6x
Tue, 03 Mar 2026NOK 4.6tNOK 3.1tNOK 246.1b14.6x18.8x1.5x
Thu, 29 Jan 2026NOK 4.4tNOK 3.2tNOK 261.1b14.8x16.8x1.4x
Sat, 27 Dec 2025NOK 4.2tNOK 3.3tNOK 266.8b14.5x15.8x1.3x
Mon, 24 Nov 2025NOK 4.0tNOK 3.3tNOK 271.6b13.5x14.7x1.2x
Wed, 22 Oct 2025NOK 4.1tNOK 3.2tNOK 295.5b12.3x13.8x1.3x
Fri, 19 Sep 2025NOK 4.2tNOK 3.2tNOK 292.9b12.4x14.2x1.3x
Sun, 17 Aug 2025NOK 4.1tNOK 3.3tNOK 306.7b13.3x13.4x1.3x
Tue, 15 Jul 2025NOK 4.0tNOK 3.3tNOK 304.0b12.9x13.2x1.2x
Thu, 12 Jun 2025NOK 4.0tNOK 3.2tNOK 301.9b12.6x13.3x1.2x
Sat, 10 May 2025NOK 3.8tNOK 3.3tNOK 314.4b12x12x1.2x
Mon, 07 Apr 2025NOK 3.6tNOK 3.3tNOK 320.3b11.5x11.2x1.1x
Wed, 05 Mar 2025NOK 3.8tNOK 3.3tNOK 334.7b11x11.2x1.1x
Fri, 31 Jan 2025NOK 3.9tNOK 3.5tNOK 337.5b12.3x11.5x1.1x
Sun, 29 Dec 2024NOK 3.7tNOK 3.5tNOK 340.8b11.3x10.9x1.1x
Tue, 26 Nov 2024NOK 3.8tNOK 3.4tNOK 330.5b11.5x11.5x1.1x
Thu, 24 Oct 2024NOK 3.8tNOK 3.4tNOK 318.7b11x11.9x1.1x
Sat, 21 Sep 2024NOK 3.7tNOK 3.3tNOK 305.3b11.3x12.1x1.1x
Mon, 19 Aug 2024NOK 3.8tNOK 3.3tNOK 299.5b11x12.8x1.2x
Wed, 17 Jul 2024NOK 3.8tNOK 3.3tNOK 292.2b11.3x13.1x1.2x
Fri, 14 Jun 2024NOK 3.9tNOK 3.3tNOK 286.4b11.4x13.5x1.2x
Sun, 12 May 2024NOK 4.1tNOK 3.3tNOK 287.3b11.7x14.3x1.2x
Tue, 09 Apr 2024NOK 4.0tNOK 3.3tNOK 296.9b12.4x13.4x1.2x
Thu, 07 Mar 2024NOK 3.8tNOK 3.3tNOK 289.5b11.3x13.1x1.1x
Sat, 03 Feb 2024NOK 3.9tNOK 3.6tNOK 353.2b11.3x11.1x1.1x
Mon, 01 Jan 2024NOK 4.0tNOK 3.5tNOK 341.0b10.9x11.9x1.2x
Wed, 29 Nov 2023NOK 4.0tNOK 3.5tNOK 356.6b10.2x11.3x1.1x
Fri, 27 Oct 2023NOK 4.0tNOK 3.8tNOK 423.2b10.7x9.4x1x
Sun, 24 Sep 2023NOK 4.1tNOK 3.8tNOK 417.8b10.5x9.7x1.1x
Tue, 22 Aug 2023NOK 3.9tNOK 3.7tNOK 421.1b10.3x9.2x1x
Thu, 20 Jul 2023NOK 3.8tNOK 3.7tNOK 452.9b10.6x8.3x1x
Sat, 17 Jun 2023NOK 3.9tNOK 3.8tNOK 498.2b11.5x7.9x1x
Mon, 15 May 2023NOK 3.9tNOK 3.8tNOK 549.2b11.8x7x1x
Wed, 12 Apr 2023NOK 3.9tNOK 3.8tNOK 507.8b11.9x7.8x1x
Price to Earnings Ratio

7.8x


Total Market Cap: NOK 3.9tTotal Earnings: NOK 507.8bTotal Revenue: NOK 3.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 12.4x202420252026
Current Market PE
  • Investors are optimistic on the Norwegian market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 19.2x which is higher than its 3-year average PE of 12.4x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 21% per year over the last three years.
  • Revenues have also declined 6.3% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Sector Trends

Which sectors have driven the changes within the Norwegian Market?

NO Market3.12%
Materials6.97%
Industrials6.23%
Utilities5.95%
Financials4.69%
Tech4.38%
Consumer Discretionary4.36%
Consumer Staples4.21%
Telecom2.97%
Healthcare1.80%
Real Estate1.22%
Energy-0.45%
Sector PE
  • Investors favour the Tech sector the most for future growth even though it's trading below its 3-year average PE ratio of 291x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 27.7%, which is higher than its past year's earnings growth of 14.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 32% over the next 5 years.
  • This is better than its past earnings growth rate of 18% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 4.2% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
KOG Kongsberg GruppenNOK 418.8510.2%
+NOK 34.2b		44.1%PE88.3xIndustrials
DNB DNB BankNOK 304.305.1%
+NOK 21.5b		23.3%PB1.5xFinancials
NHY Norsk HydroNOK 102.6010.8%
+NOK 19.6b		90.4%PE30xMaterials
GJF Gjensidige ForsikringNOK 254.405.2%
+NOK 6.3b		10.0%PE20.3xFinancials
YAR Yara InternationalNOK 561.004.1%
+NOK 5.6b		88.8%PE10.7xMaterials
See more

Market Insights

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Latest News

AKER
NOK 1,066.00
Aker
7D
-1.3%
1Y
91.7%

We Think Aker's (OB:AKER) Profit Is Only A Baseline For What They Can Achieve

Apr 04
We Think Aker's (OB:AKER) Profit Is Only A Baseline For What They Can Achieve
NHY
NOK 102.60
Norsk Hydro
7D
10.8%
1Y
90.4%

NHY: Extrusion Restructuring And Dividend Will Support Higher Future Earnings Multiples

Norsk Hydro's updated fair value estimate moves to NOK 120 from NOK 110, as analysts factor in slightly higher assumed revenue growth, modestly stronger profit margins, a lower discount rate, and a higher future P/E multiple, supported by a recent series of price target increases and rating upgrades across the Street. Analyst Commentary Recent research on Norsk Hydro shows a mixed set of opinions, but there has been a clear cluster of more constructive views alongside the latest fair value update.
DNO
NOK 20.74
DNO
7D
-2.4%
1Y
75.5%

DNO: Stable North Sea Cash Flows And Acquisitions Will Shape Outlook

Analysts have lifted their price target on DNO from NOK 21.00 to about NOK 22.67, citing updated fair value work that reflects slightly adjusted assumptions for the discount rate, revenue growth, profit margin, and future P/E. What's in the News DNO issued production guidance for 2026, expecting net production of 150,000 boepd, split between the North Sea at 82,000 boepd, Kurdistan at 65,000 boepd and West Africa at 3,000 boepd (company guidance).
VAR
NOK 48.14
Vår Energi
7D
-1.4%
1Y
64.3%

VAR: Higher 2026 Volumes And Mixed Execution Risks Will Shape Returns

Analysts have raised the implied fair value for Vår Energi from NOK 38.93 to NOK 44.72, citing updated assumptions on growth, margins and future P/E multiples, as well as a mix of both higher and lower price targets in recent research. Analyst Commentary Recent research on Vår Energi shows a split view, with some analysts lifting price targets and ratings while others are taking a more cautious stance with downgrades and lower targets.
KOG
NOK 418.85
Kongsberg Gruppen
7D
10.2%
1Y
44.1%

KOG: Defence Wins And Dividend Returns Will Support Future Upside

Analysts have adjusted their view on Kongsberg Gruppen with a higher average price target of NOK 360, an increase of NOK 70 from NOK 290, citing updated assumptions on growth, profitability and a slightly lower forward P/E multiple. Analyst Commentary Recent research shows that bullish analysts are increasingly focused on Kongsberg Gruppen's execution and earnings profile, reflected in the updated price target of NOK 360.
MOWI
NOK 223.80
Mowi
7D
4.9%
1Y
22.9%

Mowi's (OB:MOWI) Earnings May Just Be The Starting Point

Apr 02
Mowi's (OB:MOWI) Earnings May Just Be The Starting Point
ORK
NOK 122.70
Orkla
7D
3.4%
1Y
7.4%

ORK: Cautious Research Tone And Capital Returns Will Shape A Balanced Outlook

Narrative Update on Orkla Analysts have lifted their price target for Orkla from NOK 122.60 to around NOK 128.80, citing updated assumptions on revenue growth, profit margins and future P/E, even as at least one firm has turned more cautious on the shares. Analyst Commentary Recent research reflects a mix of optimism on Orkla's valuation potential and caution on execution risks, with at least one firm turning more bearish even as others lift their price assumptions.
AKRBP
NOK 340.20
Aker BP
7D
-4.1%
1Y
59.3%
BWE
NOK 58.30
BW Energy
7D
-1.9%
1Y
117.1%
YAR
NOK 561.00
Yara International
7D
4.1%
1Y
88.8%
TEL
NOK 170.30
Telenor
7D
2.4%
1Y
16.6%
GJF
NOK 254.40
Gjensidige Forsikring
7D
5.2%
1Y
10.0%
EQNR
NOK 399.10
Equinor
7D
-0.6%
1Y
58.0%

EQNR: Higher Commodity Assumptions And Renewables Execution Will Likely Restrain Future Returns

Equinor's updated analyst price target has moved higher by NOK 49 to NOK 287. Analysts point to revised oil and gas price assumptions, slightly less severe expected revenue declines, a modestly stronger profit margin outlook, and a higher assumed future P/E multiple as key drivers of the change.
BNOR
NOK 554.00
BlueNord
7D
-2.1%
1Y
-0.9%
DNB
NOK 304.30
DNB Bank
7D
5.1%
1Y
23.3%

DNB: Future Returns Will Depend On Execution And Dividend Capital Return Choices

Analysts have adjusted their DNB Bank price targets, with recent NOK 10 to NOK 15 upward moves from several firms set against earlier modest trims, as they refine assumptions around discount rates, profitability, and future P/E levels. Analyst Commentary Recent research shows a split view on DNB Bank, with several price target increases in the NOK 10 to NOK 15 range contrasted with at least one downgrade and a small target cut to NOK 281.
EISP
NOK 565.00
Eiendomsspar
7D
-2.6%
1Y
34.5%